Loan Programs
The Board of Directors has pledged to increase the number of families to own their private residential dwellings throughout the Commonwealth. Its end goal is to assist first-time homeowners and to ensure that all families across the income spectrum, especially the low to moderate income families, are given the opportunity to apply for housing assistance so they can invest in their own homes.
NMHC is comprised of several divisions, one of which is the Mortgage Credit Division which is responsible for the administration of three (3) residential loan programs. These programs described below, are designed for home-ownership, while a few are geared for home improvements or rehabilitations.
- HOME Investment Partnerships (HOME Program)
- Department of Veterans Affairs Native American Direct Loan (NADL) Program.
- Rural Housing 504 Program
Loans are extended to borrowers at a fixed interest rate for terms between twenty (20) to thirty (30) years, depending on the income category and repayment ability. Properties must have clear title and loans are secured with a first mortgage in most cases. Grants are occasionally made to eligible applicants who are in dire need of assistance, but lack the repayment ability. Applicants must meet certain conditions to be eligible for the grant assistance.
Up-front payment on loan closing fees is recommended; however, in cases where applicants lack the necessary funds, the fees may be financed partially or entirely, provided the clients have the repayment ability for this additional funding.